Since leaving Northwestern University in 2001, Plotkin has been working in finance, where he has, frankly, gained some notoriety. Here’s a look at Gabe Plotkin, the minority stakeholder who will buy the majority of the Hornets from the NBA great.
Michael Jordan is reportedly in the final stages of selling the Hornets after months of speculation. Having purchased the squad 13 years ago, Jordan is reportedly in the final stages of selling to a group fronted by businessmen Gabe Plotkin and Rick Schnall.
Wojnarowski reports that Jordan will lead the Hornets through the NBA draft and the beginning of free agency. He will continue to own a minority stake in the company. Learn more about the new Hornets owners, including Gabe Plotkin’s fortune, in the following article.
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What is Gabe Plotkin’s Net Worth?
Michael Jordan has agreed to sell the Charlotte Hornets to Gabe Plotkin. According to reports, Plotkin has a net worth of more than $400 million.
You can also check out Matt Allen’s tweet about the Charlotte Hornets down below:
🚨BREAKING NEWS🚨
Michael Jordan is selling the Charlotte Hornets to Gabe Plotkin of Melvin Capital.
Yes, the same Gabe Plotkin who was the biggest short seller of GameStop and had to get bailed out by his Wallstreet friends. pic.twitter.com/ORaIc9JU4i
— Matt Allen (@investmattallen) June 16, 2023
Plotkin is leading a consortium that plans to buy Jordan’s controlling interest in the company. He puts forth the $3 billion bid alongside Rick Schnall and others. After 13 years as the team’s owner, Michael Jordan has decided to sell his majority stake.
After the transaction is complete, Jordan will still have a share in the Charlotte Hornets and continue to be involved with the organization. Jordan was the only black majority owner in the league. In 2010, he spent $275 million to acquire the company’s ownership.
How Did Jordan Perform as an Owner?
Jordan may have been the best player of all time, but he had a tough time running a team. Under Jordan’s leadership, the Hornets made the playoffs just twice. Both times, they were eliminated by the eventual champion Miami Heat. Since 2016, Charlotte has failed to reach the postseason.
Previously, Plotkin held a minority stake in the Hornets. Once he and Schnall are accepted by the other club owners in the league, he will serve as co-governor of the franchise. In the Atlanta Hawks, Schnall held a minority investment. Plotkin heads Melvin Capital as its chief investment officer. In 2020, he bought the team’s minority share for $600,000. New York-based private equity company Clayton, Dubilier & Rice counts Schnall as a co-president.
New York is home to Melvin Capital, an investment management firm. In 2014, Plotkin established the company. Plotkin stated that as of April 2022, the firm managed $7.8 billion in assets. He has already declared his intention to wind down operations and refund clients.
Plotkin and Jordan had previously worked together as business partners. Parts of Jordan’s fortune have been managed through his firm, Melvin Capital.
Charlotte Hornets Something was posted on Twitter, which you can also check:
Read the full release on https://t.co/BzkRIrrehy.
🔗 https://t.co/roYUH9ilgI pic.twitter.com/N17fYc0HBp
— Charlotte Hornets (@hornets) June 16, 2023
During the Gamestop stock run, Jordan reportedly lost $500 million in stock. Many institutional investors lost millions of dollars because public traders launched a once-in-a-lifetime short squeeze on the stock. Jordan was included in that set.
We have compiled a list of the net worths of some more famous people for your perusal:
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Plotkin was Jordan’s business partner and a major short seller of the company’s stock. After the stock market crash, both his and Jordan’s wealth fell. According to reports, after the loss, Jordan’s net worth dropped from $2.1 billion to $1.6 billion. During the short squeeze, Plotkin’s business, Melvin Capital, reportedly lost $1 billion every day. The Gamestop craze reportedly cost the company $6.8 billion.
Gabe Plotkin’s Personal Life and Real Estate
Gabe spent a total of $44 million to purchase two residences on North Bay Road in Miami, Florida in the month of November 2020. Plans for the demolition of one of the buildings and its replacement with a tennis court and gardens were submitted to the city. He is also a New York City property owner. Gabe and Yara Bank-Plotkin have been married since 2006.
Check out theactivenews.com to learn about the professional successes of your favorite celebs.
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